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Foreign investors continued adding Canadian securities in May while Canadian investors trimmed their foreign holdings.

Statistics Canada reported that offshore investors added $16.9 billion worth of federal government debt in May, led by a record $11.8 billion investment in Treasury bills.

This surge in government debt investment was partially offset by investors selling off corporate debt securities and $4.9 billion worth of equities — resulting in foreign investors adding a total of $11.2 billion worth of Canadian securities, down from $12.8 billion in April.

At the same time, Canadian investors reduced their foreign securities holdings by $2.8 billion, driven by reduced holdings of U.S. government debt ($5.6 billion worth), StatsCan said.

Canadian investors also added $1.8 billion in U.S. corporate bonds, $1.1 billion in non-U.S. bonds, and $231 million in foreign stocks (down from $3.5 billion in April).

The reduction in foreign portfolio holdings reversed Canadian investors’ $2.4 billion of foreign additions in April, the national statistical agency noted.

Overall, the monthly cross-border investment trends generated a net inflow of $13.9 billion into the Canadian economy in May.